BTC as a national currency? - page 34.

n691309

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Quote from: Ilegendph on September 02, 2017, 10:46:18 AM

Quote from: n691309 on August 31, 2017, 07:05:35 AM

I think the whole idea is not a good one because it's hard to "implement" bitcoin as a national currency because of the infrastructure and other legal issues that a country faces. But I think that it's good to see bitcoin being more popular more useable by people and step by step bitcoin can become the most used currency within a country and then the government can think if it worth or not to set Bitcoin as a national currency.

Its impossible for a bitcoin to be a national currency because currencies such as dollars and yen symbolized sovereignty of a country plus it has its historical value. Why would the government replace their own currency that will prove their economic status vs. other country's economic status. Government may accept bitcoin as a method of payment but not as a primary mode of exchange.

About historical I wouldn't mind much about it because things nowadays are changing fast and rapidly, just remember where was the cryptocurrencies and the internet before 15-20 years. Same goes for the future, maybe even faster the things are changing and we should not be surprised that a country can implement Bitcoin as their national currency, of course this can happen first in small countries to see how it goes and then expand to others.

czhy20

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It will never be a national currency. Because not all people uses bitcoin. Not all places have internet connections. And I think it would be a hasle when making small transactions.

kuryadi

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Buglab.io

I think bitcoin is more than that. bitcoin into global currency in my opinion. because bitcoin can be used for transactions between countries. you can send bitcoins to your friends in other countries .. or if you want to buy goods from overseas sites you can pay them using bitcoin. this is very easy because your transaction is done directly .. and without tax. although bitcoin has not been legall in many countries. but the use of bitcoin is allowed by the government. so the transaction no longer use fiat money. but can use digital money that is bitcoin.

lilit

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Bitcoin can not become a national currency, because it implies anonymity and earnings on an unstable price increase. The usual currency does not provide such opportunities.

NavI_027

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Quote from: Cranidos on August 14, 2017, 01:31:25 PM

Bitcoin, for now, is not suitable to become a national currency of any country. Bitcoin's value is too volatile so a product or service will always change in price with respect to the price of Bitcoin. Also, a transaction fee is there with every transaction, this is not practical in using in a daily basis. It will be hard for the government to control the scenario. So if a country will make Bitcoin as its national currency then they have to regulate it first.

I don't think everyone will not agree to this idea because there are still many who don't know about bitcoins here in my country. And in my own perspective, using bitcoins as a money for everyday use is not practical. Our transactions to small stores and markets will become slower than the usual. The bank systems will be distracted because of the entry of new currency also. Lastly, not everyone can use btc because it is a digital currency, and not all of us can access to Internet easily.

The bottomline, I still prefer conventional money (but I do not disregard the significance of Bitcoins)

Forhadm

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Bitcoin can never become a national currency for any country,or in this world because bitcoin is decentralized and no one controls the generation of bitcoins. No enforcement agency can control the supply of bitcoin.it was not permission for this national government so this why Btc is not as a national currency.

phr0stbyt3

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No i wouldn't support this making it a national currency would mean i have to use it to buy goods and services no matter what and with price fluctuating by so much daily it might cause a loss for me. I would want a national currency whose price is stable not like bitcoin which changes everyday. It's better for bitcoin to be a investment because of the fees

zeze18

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Perhaps for some basic reasons such as the decentralization and fluctuation systems found in bitcoin systems, it makes governments more demanding to consider bitcoin as the national currency of a country and is unlikely. Because so far bitcoin was created for everyone in the world not for a country only.

killerfrost

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Quote from: ZakariaKan1997 on August 14, 2017, 11:52:09 AM

So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?

The BTC is rising, and it is very likely that it will become the national currency. Developed countries always want their money to be valuable in the world. Therefore, there are many countries want BTC become their money. In addition, they are still concerned about the Bitcoin properties such as hierarchy and security. That may make them unable to control Bitcoin even if it has become its currency

Ctn

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Bitcoin can not be controlled and it can't be made into national currency because it's just not the perfect choice. It's not liquid, it's not stable either which makes it difficult to manage in terms of fiat type of currency. There is one more problem with bitcoin and that's it is limited in number which means it is not sufficient to fulfil the demands of national economics system. Just imagine with 21 million cap how much worth money can be circulated? I think that won't be sufficient so everything brings to one conclusion and that's bitcoin can't be accepted as national currency.

ryankung

newbie

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No，But I think BTC will be always existed as the main gateway of exchange for ICOs and other blockchain application.

Zuilhsa

full member

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Bitcoin is extremely a new technology, as many countries continue to adopt this technology there are chances for bitcoin to become national currency but there arises more legal issues. So it is a hard thing, just wait for future.

mastadonballs

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Quote from: Ilegendph on September 02, 2017, 10:46:18 AM

Quote from: n691309 on August 31, 2017, 07:05:35 AM

I think the whole idea is not a good one because it's hard to "implement" bitcoin as a national currency because of the infrastructure and other legal issues that a country faces. But I think that it's good to see bitcoin being more popular more useable by people and step by step bitcoin can become the most used currency within a country and then the government can think if it worth or not to set Bitcoin as a national currency.

Its impossible for a bitcoin to be a national currency because currencies such as dollars and yen symbolized sovereignty of a country plus it has its historical value. Why would the government replace their own currency that will prove their economic status vs. other country's economic status. Government may accept bitcoin as a method of payment but not as a primary mode of exchange.

Bitcoin is an asset for all people on the world, therefore if Bitcoin can become to legal, it will is currency for international in field payment online. It cannot replace FIAT, the reason you also know there are many people do not know Bitcoin, cryptocurrency and blockchain, change suddenly will make them confused.

Ilegendph

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Quote from: n691309 on August 31, 2017, 07:05:35 AM

I think the whole idea is not a good one because it's hard to "implement" bitcoin as a national currency because of the infrastructure and other legal issues that a country faces. But I think that it's good to see bitcoin being more popular more useable by people and step by step bitcoin can become the most used currency within a country and then the government can think if it worth or not to set Bitcoin as a national currency.

Its impossible for a bitcoin to be a national currency because currencies such as dollars and yen symbolized sovereignty of a country plus it has its historical value. Why would the government replace their own currency that will prove their economic status vs. other country's economic status. Government may accept bitcoin as a method of payment but not as a primary mode of exchange.

frowsiter

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Quote from: spetalkuhfie on August 25, 2017, 05:56:04 PM

Bitcoin is "legal" in most countries. Its just not the national currency. Countries would be stupid to give away their fiscal policy.

That's bitter truth actually. No country would go for second currency which is completely decentralised and works on the virtual processes to use it. They won't accept it as primary or national currency because it break all the regulations of national financial ecosystem. The result could be negative and people might just loose the faith in the finances leading to recession. Yes that much disaster can happen for sure. See, we have traditional currency which is based on instances in the nation and heroic movements that happened before the independence of a country. This has been adopted since long and it will never be shattered like that easy. Plus don't forget bitcoin is limited and needs of people is very much high.

calandra78

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Quote from: Pleione527 on August 14, 2017, 10:10:46 PM

I don't think a specific country will make bitcoin as their national currency. Bitcoin has been using world wide and I think it will stay that way. No particular country will own it and can use it as their national currency

Yes I agree, because in some regions or country anybody does not allow the existence of the bitcoin because it is considered anonymous currency. and every State also has the characteristic of their currencies respectively. and I think the correct word you that bitcoin will still be used as it is. for me if the bitcoin became the national currency that is a thing which is impossible even impossible.

ajmapalo22

full member

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Being a national currency meaning owning the coin and I don't that would be a good idea because if that woukd be happen the price of bitcoin will be probably fixed and it may not be useful globally as it is today. Government will have the control over bitcoin which I think will result to negative feedback of users

Kaller

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Quote from: wearepoor on September 01, 2017, 02:30:49 PM

Quote from: n691309 on August 31, 2017, 07:05:35 AM

I think the whole idea is not a good one because it's hard to "implement" bitcoin as a national currency because of the infrastructure and other legal issues that a country faces. But I think that it's good to see bitcoin being more popular more useable by people and step by step bitcoin can become the most used currency within a country and then the government can think if it worth or not to set Bitcoin as a national currency.

Agreed with you, there are so many hurdles in the way of bitcoins to become a national currency. Governments will have to work hard if they regulate the bitcoins, there should be proper system to monitor the each and every transactions related to bitcoins.

Government always wants to be in control of everything. They will stick their nose into Bitcoin and already have on multiple occasions. Unfortunately, it is something we just need to accept.

wearepoor

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Quote from: n691309 on August 31, 2017, 07:05:35 AM

I think the whole idea is not a good one because it's hard to "implement" bitcoin as a national currency because of the infrastructure and other legal issues that a country faces. But I think that it's good to see bitcoin being more popular more useable by people and step by step bitcoin can become the most used currency within a country and then the government can think if it worth or not to set Bitcoin as a national currency.

Agreed with you, there are so many hurdles in the way of bitcoins to become a national currency. Governments will have to work hard if they regulate the bitcoins, there should be proper system to monitor the each and every transactions related to bitcoins.

Zhukov0

newbie

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Quote from: ZakariaKan1997 on August 14, 2017, 11:52:09 AM

So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?

Just NO as it is not proper.

Topic: BTC as a national currency? - page 34. (Read 12619 times)